AO Art Observed™

Self-Portrait with a Black Eye, Lucian Freud. Estimate: Image via Sotheby’s

Sotheby’s auction house will kick off this week’s major round of contemporary sales in New York with an 80 lot sale that is expected to realize in excess of £32 million on Wednesday, February 10. Christie’s expect to fetch at least £26,290,000 from 52 lots at their evening sale on Thursday, February 11. In November, Sotheby’s Postwar and Contemporary Sale in New York marked a major turning point in art market history when Andy Warhol’s 200 One Dollar Bills, sold for $43,762,500 over an estimate of $8-12million. The coming week could therefore be seen as an important one in establishing price-levels in a still relatively undetermined contemporary art market – the area most heavily effected by the global recession.  The many heavyweight pieces on offer this week undoubtedly reflect a confidence in sellers resulting from November’s impressive sale – the sales are spearheaded by important and rare works by Peter Doig, Yves Klein, Lucian Freud, Gerhard Richter, Chris Ofili, Neo Rauch and Martin Kippenberger. Contemporary week also falls in the wake of the incredible $104.3 million sale of Giacometti’s “L’homme qui marche I” (The Striding Man I) at Sotheby’s that set a new world record by becoming the most expensive work of art ever sold at auction. This week overall, Sotheby’s and Christie’s expect to bring in at least $365.3 million combined, $144.6 million in 2009, up from $332.5 million in February 2008.

More text, images and related links after the jump….

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Paris Bar, Martin Kippenberger

To celebrate Frieze Art Fair, currently underway in London’s Regent’s Park, Christie’s auction house held a series of auctions selling Post-War and Contemporary Art – the most notable of which occurred last night, October 16, and saw many record-breaking sales. The presale estimate for the evening auction was £6.8 million and in the end all but 1 of the 25 contemporary works sold, totaling £11.2 million.  It is of course relevant to note that the totals are down incredibly from last year’s estimates of  £57.8 million – £75.6 million for Christie’s Contemporary Art Evening Sale in London on Sunday, October 19th of last year.  That said, the leading highlights included significant works by Peter Doig, Martin Kippenberger, Damien Hirst, Gerhard Richter, Neo Rauch, Dash Snow, Pino Pascali and a rare, early rediscovered drawing by Lucian Freud. All sale totals stated in this article include buyer’s premiums and come directly from Christie’s official website or courtesy of The Baer Faxt.

Stellwerk (Signal Box), Neo Rauch

Related Links:
Christie’s Homepage
Christie’s Sells $18.3 million, Lures Buyers with Low Estimates [Bloomberg]
Sotheby’s and Christie’s Auction Within Estimates [Reuters]
Auction Reports: post-war and contemporary art [The Art Newspaper]

More text and images after the jump….
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Jenny Saville’s Hyphen, 1999, part of Paint Made Flesh at The Phillips Collection.

“Paint Made Flesh,” a series of 43 oil paintings that focus on the human body, is showing at The Phillips Collection through September 13.  Featured artists incude Pablo Picasso, Leon Golub, Ivan Albright, Cecily Brown, David Park, Philip Guston, and more.  ”At times when figure painting was considered outdated,” comments Assistant Curator Renee Maurer, these and other artists included in the show “continue to explore the expressive potential of the painted human body.”

Related links:
Current Exhibitions at the Phillips Gallery
Paint Made Flesh [video]
“Paint Made Flesh” Survey opens at The Phillips Collection in Washington, DC [Art Knowledge News]
“Paint Made Flesh” Is More Than Skin-Deep [Washington Post]
“Paint Made Flesh” : Modern Bodies, Naked Eyes [NPR]

John Currin, Hobo (1999), via NPR.

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Robert Rauschenberg and Susan Weil, Untitled (Sue), 1950, Via Frankfurter Allgemeine

Currently on view at Sotheby’s New York for the first time and for a short time only is a selection of works from the collection of Steven and Alexandra Cohen.  The exhibition consists of twenty pieces by masters of the modern period, such as Picasso, de Kooning and Warhol, and leading contemporary artists, dealing with women as subject matter.   Other artists represented in Women are: Edvard Munch, Paul Cézanne, Henri Matisse, Amedeo Modigliani. Robert Rauschenberg and Susan Weil, Yves Klein, Gerhard Richter, Cindy Sherman, Lucian Freud, Richard Prince, Marlene Dumas and Lisa Yuskavage.

Sotheby’s New York
Women: A Loan Exhibition from the Collection of Steven and Alexandra Cohen
1334 York Ave, New York,
10th floor
April 2 – April 14, 2009

RELATED LINKS

Exhibition Page and Press Release [Sotheby's]
NY Times Carol Vogel Previews the Exhibition [New York Times]
Steven Cohen’s Rise as a Collector [The Independent]
MAO Critiquing Cohen’s Motives [MAO]
NY Mag Examines Cohen’s Motives [New York Magazine]
The Exhibition in the Light of the Art Market [Wealth Bulletin]
Speculations on the Exhibition [ArtForum]
Speculations on the Exhibition II [ArtInfo]
Speculations on Cohen’s Motives [Bloomberg]
Exploring Cohen’s Motives [Luxist]
Preview of the Exhibition [Bloomberg]

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Richard Serra’s Equal Parallel: Guernica-Bengasi, 1986, returned to El Museo Nacional Centro de Art Reina Sofia, Madrid via Art Daily

Missing Sculptures by Richard Serra are replaced at El Museo Nacional Centro de Arte Reina Sofia [ArtDaily]
How Art Capital Group is providing liquidity backed by significant fine art [The New York Times]
A new book on the world’s largest unsolved art theft, the Gardner Museum Heist [Wall Street Journal]
A new Julian Schnabel-designed steak house back room? [NYMag]
The Moscow Art Fair has been postponed [Bloomberg]

A still from the Marcel Dzama video via Pitchfork

Animated Marcel Dzama for NASA’s video [TheWorldsBestEver]
The Prado’s conclusion that Colossus is not a Goya is brought into question [Wall Street Journal]
How the Brooklyn Museum’s Shelly Bernstein expands the institutions presence via internet outreach [New York Observer]
Francis Bacon, and a new exhbition in the unlikely city of his death [New York Times]
An agreement reached with further clarifies the collection boundaries between the UK’s National Gallery and the Tate [Guardian UK]

Assume Vivid Astro focus via the TheMoment

Assume Vivid Astro focus collaborates with the New York Times [TheMoment]
The last days of Soho’s Guild and Greyshkul gallery [New York Times]
A detailed new report on the growing impact of China, Russia, India and the Middle East in the global art market [ArtDaily]
How the fall of the art boom is useful to trim the movement of blockbuster art to the only fleetingly interested masses [Newsweek]
Mega dealer David Nahmad on the market’s rise and fall: “It’s almost a fraud. I would never advise my clients to buy contemporary art.” [IndependentUK]

Lucian Freud has painted a wine label for Chateau Mouton Rothschild 2006 [Forbes]
Sotheby’s reports $2.8 billion in sales in 2008 [ArtDaily]
UK Government cuts VAT taxes after court rules that video and light art is sculpture in a case involving Dan Flavin and Bill Viola works imported by Haunch of Venison [The Art Newspaper]
How the Whitney recently benefited from the weakness of the corporate system [NYTimes]
The Times UK and Saatchi Gallery begin a top 200 artist survey with results to be announced in May [TimesUK]

Richard Serra via Time

The Economist is long on Richard Serra: “slow-burning Mr Serra will be one of the artists whose work will continue to shine long after he is gone” [TheEconomist]
The defensive financial strategies art auction houses take during a market downturn [The Art Newspaper] and in related, financing for fine art is correspondingly receding [Portfolio]
A look inside the highly specialized art storage business [Financial Times]
The Tate Modern may have accidentally hung 2 Rothko’s sideways [TimesUK]

The Pollock in question via terisfind.com

Highly controversial supposed Jackson Pollock drip painting is for sale for $50 million in Toronto [CBC]
London’s Colony Room, favored bar of Lucian Freud and Damien Hirst, may close [TimesUK]
50 to 75 Modern and Contemporary German works of art including some by Rosemarie Trockel, Georg Baselitz and Candida Höfer donated to the Busch-Reisinger Museum at Harvard [Artdaily]
Yvonne Force Villareal, sets up an APFlab (“Art Production Fund”) on Wooster street in Soho, New York [NYTimes]

Rene Magritte's "L'Empire des lumiéres" (1947) via Christie's

On Wednesday November 5th, Christie’s conducted its sale of the estates of two separate widows (the Alice Lawrence and Hillman family collections) bearing similar works of mostly late 19th and early to mid-20th century pieces, in an auction thus titled “The Modern Age.” These auctions included works by headliners such as Pablo Picasso, Paul Cézanne, Mark Rothko, Fernand Léger, Edouard Manet, Henri de Toulouse-Lautrec, Amedeo Modigliani, Giorgio De Chirico and René Magritte. The event followed the latest Sotheby’s auction for Impressionist and Modern art on Monday (as covered by AO here) which disappointedly totaled $223.8 million against the $338 million low estimate. Additionally, the Modern Age sale corresponded to a particularly steep post-presidential race drop in the public equity markets in which the Dow plunged 486 points.

The auction results were no surprise considering the current tepid environment in the art market: The two collections listed 58 lots, of which 17 did not sell, for a total sale of $47 million, which was less than half of its $104 million low estimate. Christie’s said 51% of buyers were American and 29% European. Though Surrealist lots by Magritte (see image above) and De Chirico (see below) did well, of the lots that were brought in were the most expensive of the sale, notably, Manet’s “Fillette sur un banc/Girl on a Bench,” a 1880 portrait of a girl with a wide-brim hat estimated at $12-18 million (see image below), and Rothko’s “No. 43 (Mauve),” estimated at $20-30 million. Other works by Cézanne, Renoir, and de Kooning also failed to sell.

Bleak Night at Christie’s, in Both Sales and Prices [NY Times]
Art-Market Rout Persists: Rothko Snubbed at Auction [Bloomberg]
Buyers Cool to Private-Collection Art at Christies [Reuters]
Market Forces Bring Fire-Sale Prices for Christie’s “Modern Age” [Art Info]
The Modern Age: Property from the Hillman Family Collection [Art Daily]
Christie’s Wan and Woeful Night [CultureGrrl]
Christie’s Website

more auction results, quotes and images after the jump…

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Duane Hanson’s “Flea Market Lady” staffs Emmanuel Perrotin’s booth at Frieze via New York Magazine

In the midst of perhaps the most spectacular global financial and credit market cave-ins ever experienced, The Frieze Art Fair in London, one of the three largest contemporary art fairs, felt a slowdown in some attendance indicators, sales volume and pricing; a harbinger of similar buyer sentiment reflected in anemic sales totals from all of the three major contemporary art auctions that followed in London over the weekend from Sotheby’s, Phillips and Christie’s respectively. In light of the true magnitude of the global wealth disrupted in recent weeks, overall, the output of the Frieze art fair and the concurrent contemporary art auctions likely could have been worse. The following is a roundup of the news and images looking back from the close of the Frieze fair as well as detailed summaries of each auction.

Takashi Murakami’s “Tongari-Kun” 2004. Though it was headliner of the Phillips Auction on Saturday, it failed to sell. Image via Phillips

Newslinks, images and more on the Frieze Art Fair and on the Sotheby’s, Christie’s and Phillips auctions after the jump…

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Cory Arcangel’s “Golden Ticket” to the 2008 Frieze Art Fair via Artnet

With over 150 galleries, The Frieze Art Fair, set in London’s Regent’s Park, began selling works by over 1,000 artists on October 15. Since its first year in 2003, the Frieze fair has grown to be regarded as the youngest and perhaps the most cosmopolitan and cutting edge of the global fairs, which include Art Basel, Art Basel Miami Beach and the Venice Biennial. The fair, which runs until the 19th of October, and the London auctions that will occur this evening and this coming weekend, mark the first major opportunity for transparency into the the status of the global art market since the widespread financial turmoil began. Following Damien Hirst’s groundbreaking, clearing house, £111.5 million, direct-to-market auction of his own work at Sotheby’s last month (as covered by ArtObserved here) the market has had some clouds brewing over it, with beginning indications of weakness manifesting in events such as Sotheby’s lackluster first evening sale of contemporary Asian art in Hong Kong earlier this month (as covered by ArtObserved here), which sold £7 million against expectations of £30 million to another auction that same weekend in which Sotheby’s sale of modern 20th-century Chinese art left over a third of the lots unsold. More recently, the Singapore Art Auctions were also a dissapointment.

London’s Frieze Prepares for a Chill [Wall Street Journal]
Crisis Imperils U.K. Art Fairs, $183 Million Sales, Dealers Say and Auction Houses Guarantee Top Lots; Dealers See Falling Demand and Paltrow, Saatchi, Zhukova Browse Frieze Art as Sales Go Slowly, Aguilera Parties, Damien Hirst Has a Head Case: London Art Buzz [Bloomberg]
Deep Frieze: UK’s hottest art fair braces itself for the chill of the banking crisis and Prank canvas [GuardianUK]
Frieze Art Fair: Super-rich to cast economic crisis aside and Andy Warhol’s Skulls up for auction [Telegraph]
All the fun of the fairs: the art world gathers for Frieze [Independent]
The Post-Materialist | Frieze Art Fair [TheMoment]
Diary: Frieze Frame [ArtForum]
Frieze Factor [Artnet]
Frieze: First night blur [ArtReview]
Frieze Art Fair 2008 [Frieze Art Fair]

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Desmond by Jean Michel Basquiat, up for auction at Christie’s Post-War and Contemporary Art Auction, via Christie’s

In addition to selling a rare portrait by Francis Bacon, Christie’s October 19 auction catalogue features a long list of post-war luminaries. Several portraits of Mao and Marilyn Monroe by Andy Warhol figure prominently among the auction’s offerings. A sculpture by Jeff Koons, as well as pieces by Jean Michel Basquiat, Gerhard Richter, Richard Prince, Anish Kapoor, Willem de Kooning, Lucian Freud and a plethora of other artists account for the rest of the lots. The priciest of 48 lots is expected to be Lucio Fontana’s canvas, Concetto spaziale, la fine di Dio, which should fetch around £12 million pounds ($21.8 million).

Christie’s: Post-War and Contemporary Art Evening Sale
Christie’s: Press Release for Post-War and Contemporary Art Evening Sale
Fontana work may fetch $21.8 million in Record Christie’s Sale [Bloomberg]
Bacon Portrait Expected to Sell for £7.5 million at Christie’s Auction in October [ArtObserved]

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Terence Koh at his Chinatown studio via BlackBook

Terence Koh’s “personal” fashion style [Blackbookmag]
15 years of Contemporary public art: Jeff Koons to Rachel Whiteread [New York Times]
Damien Hirst opening retail store next to Sotheby’s, London [Bloomberg]
More on Myra Hindly minor scandal [Guardian], previously covered here [AO]
Sotheby’s Australia fine art auction sold only 49% of its inventory [Art Market Monitor]
Hirst’s $100M Skull begins its world tour in…Amsterdam [NYSun]
Lucian Freud portrait model destroys £17M + painting [Dailymail]

Snow Scene at Argenteuil 1875 by Claude Monet (1840-1926) via Guardian

On view at Tate Britain: 18 masterpieces recently bequeathed to British National Gallery, including works by Degas, Freud, Monet, worth roughly $200,000,000 [GuardianUK]
The art/fashion, Vuitton/Richard Prince link in London [Bloomberg]
Mutualart.com’s Top Art Exhibitions for 2008 [Businessweek]
French art thief pleads guilty in botched $4.7M masterworks sale, indictment covered by AO here [NYSun] [AO]
2009 Turner Prize judges announced [TheArtNewspaper]
MOMA buys 3 Jasper Johns works for undisclosed sum (note: 2 years ago a Johns sold for $80M) [NYTimes]

Naked Portrait with Reflection, Lucian Freud (1980) via Artinfo

Christie’s held its Postwar and Contemporary Evening sale on Monday, June 30th, setting new records and selling 83% of the lots. The four largest sales came from Jeff Koons, Francis Bacon, Lucian Freud, and Andy Warhol. Other artists who were featured in the finely curated sale were Mark Rothko, Gerhard Richter, and Gilbert and George just to name a few. Out of the 48 lots that sold, 30 of them made over $1 million, and the total sale raised $172 million. This is Christie’s best result for a post-war and contemporary art sale in Europe.
Bacon Self-Portraits Fetch $34.5 Million at London Art Auction [Bloomberg]
Koons sculpture highlights record-breaking art sale [APF]
Koons record as London art sales draw to close [Reuters]
Christie’s London Bests Own Contemporary Record [Artinfo]
Record price for Koons sculpture [BBC]
Christie’s Post War and Contemporary Art Sale [Christie's]
Bacon Triptych Sells for $34.4 Million in London [NYTimes]
Dead Artists Breathe Life Into Auctions [Wall Street Journal]
Koons’s ‘Balloon Flower’ sits in St. James Square before sale at Christie’s June 30th [Art Observed]

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partying at the Art Basel via the New York Times

The 39th Annual Art Basel, visited by 60,000 guests over the course of the fair, proved to be a very successful showcase of the world’s most famous artists. Basel, on the Rhine where Switzerland meets France and Germany, created a perfect setting for wealthy collectors, art enthusiasts, and 300 international exhibitors to network and indulge among the most stylish and cultured of the art world.

Brad Pitt Buys Table at Art Basel; Mittal, Abramovich Browse [Bloomberg]
The 39th Edition of Art Basel Closes With Outstanding Results [artdaily]
Ellsworth Kelly, Basking in Basel [New York Times]
Pre-Partying With the Jet Set of the Art World [New York Times]
Russians Help Art Basel Shake Economic Woe, Falling U.S. Demand [Bloomberg]
The Art Fair Explosion and Its Fallout [WSJ]
In Basel, Contemporary Art Enjoys a Bounty of Friends [NYTimes]
Picture perfect [Financial times]
Art Basel, Switzerland, Is On, Right Now [Art Observed]

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Visitors Outside Art Basel in Switzerland via myswitzerland.com

Freud Painting Sells for $12 Million [Bloomberg]
New Freud Paintings Enter the Market [Times Online, UK]
Roman à Clef [artforum]

The painting, titled Girl in Attic Doorway and dating from the mid 1990s, was reserved during much of the fair’s preview yesterday. The work sold today via Freud’s international agent, Acquavella Galleries, for $12 million to a buyer who wished to remain anonymous. This sale follows Russian billionaire Roman Abramovich’s record-breaking purchase of Freud’s Benefits Supervisor Sleeping for $33.6 million at Christie’s last month, making the British painter “the world’s most expensive living artist.”

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Dasha Zhukova via daylife

26-year old “Dasha” Zhukova building Moscow contemporary space backed by billionaire Roman Abramovich (recent global record buyer of Freud and Bacon) [artinfo]
More on David Byrne ‘playing the building’ in New York [NY mag]
Turner Prize-winner Mark Wallinger may build 164 ft horse in Kent, UK for ‘Angel of the South’ project [Guardian.co.uk]
Christie’s Paris sells Louise Bourgeois spider for record $4.5M [Bloomberg]
A revisit of the Young British Artist Freeze show after 20 years [Guardian.co.uk]

Lucian Freud, Naked Portrait with Reflection, (1980) via Evening Standard

Following the success of Post-war and Contemporary art sales in New York, Christies has announced they will offer a rare Francis Bacon painting and a Lucian Freud masterpiece for his London auction.  These two pieces are considered the most valuable and important works to come up for auction. 

Boom for Bacon and Freud [Evening Standard]
Freud Masterpiece and Bacon Triptych Highlight Christie’s London Auction [ArtDaily]

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